If you are into any of these businesses or planning to start one, I think a vending machine business is also ideal. Such businesses I am talking about include pharmacy stores, drinks and other forms of beverages, cigarette shops, and even food, and snacks.
It is easy to combine the two business operations together because vending machines are automated. They don’t need humans to dispense their stock. Just like the normal ATM that dispenses cash, vending machines dispense products.
So, you don’t have an extra cost for hiring someone to man the machine. The only cost is associated with acquiring this machine.
The industry generates 23 billion dollars in revenue. The good thing about this industry is that it is not saturated with the presence of big players. So, there are opportunities for any player, no matter the size of your capital.
Starting this vending machine business is a fantastic business idea for anyone looking for a side business apart from their regular 9-5 job. But there are things you need to know before you start this business. This is why I am writing this article to share my knowledge of the industry with you.
How Much Does A Vending Machine Cost?
No one starts anything meaningful without counting the cost. Starting a profitable vending machine? Then think about the cost. The truth about this business is that it does not cost much apart from the initial capital required to acquire the machine. The rest are just miscellaneous expenses to get the business running.
The choice you make will determine the actual cost. Smart vending machines come at a premium price. While the bulk types are less expensive, they come with some limitations.
Smart vending machines can be purchased for as little as 2,500-12,000 dollars on average. If you are reading this outside the United States, just do the conversion to your local currency to get an idea of the cost.
How to buy a vending machine
Many manufacturers of vending machines are available for you to select from their inventory. Understand that there are some suppliers of these machines who you can contact in your area to buy from. These suppliers are part of the value chain.
Don’t close your eyes totally to this area either, as you can serve as a middleman to people who are looking to purchase vending machines.
There are different means of acquiring vending machines. If you cannot afford a new set of machines, consider buying a used set of devices, but investigate before you invest. You should know the history of the machine and why the owners are selling it.
Another business model to take a look at is the franchising model. Never take a franchise without a proper understanding of the terms and conditions stated in the contract.
Vending Machine Companies
The technologies behind the making of vending machines are rapidly evolving. Therefore, you need to get the appropriate one that suits the current demand of the market and the set of customers you want to serve.
From Japan to the United States, India to China, there are good machines you can get from these countries. So, sign up now to get a thirty-day mentoring on the vending machine business.
types of vending machines.
Various vending machines exist on the market. And if you look critically based on the history and evolution of vending machines, there are three major vending machines. Technology has had a great impact on this industry: The majority of vending machines are electronic in nature.
Although there are other types, like bulk and mechanical vending machines, the limitation of these last two types is their inability to adapt and adopt new payment systems that use automated cards for transactions.
The system of using coins is becoming obsolete. Note that the available data shows that of all the vending machines available in the US, the beverage vending machine has the highest market share.
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This figure is not envisaged to drop in the near future. The simple reason for this is the demand for soda drinks and other beverages in major locations like hotels, supermarkets, hypermarkets, and restaurants.
Before you make a final decision on the type of machine you will purchase for your business, it is critical to understand that there are three major types of electronic vending machines:
- Automatic Vending Machine
- Smart Vending Machine
- Semi-Automatic Vending Machine
Below is the list of vending machines that can be categorized under the three types of vending machines that are available in the market.
- mini vending machine
- Dasani vending machine
- Soda vending machine
- Cigarette vending machine
- Coffee vending machine
- toy vending machine
- online vending machine
Conclusion
In this modern time, we live a busy life and most often want things readily available at any time and any day. For this reason, starting a vending machine business can help you contribute to making life better for people.
Doing this will mean you will be earning passively or even actively. Although the business may not make you a millionaire in a short time, it has the potential to give you some financial freedom.
Your decision to start this side hustle should be guided by wisdom, so you need to learn more about this business. You can sign up for the free guide here. Also, don’t forget to get a good location for your vending business.
Appropriate registration of your business with regulatory bodies is needed. Consider a safe location where your machine will not be vandalized. Get insured on time and don’t delay any more if you need to start this business.
